Creating a masterlist and using it to create custom lists

Tech-Archive recommends: Fix windows errors by optimizing your registry

Hi microsoft Gods,
I am trying to figure out how I can type a masterlist of statements
that have been bulleted. Then I want to create a custom list by just typing
in the bullet number and viola' the statement is inserted into my custome
list.

The list is already existing in 2003 Word.

I am using Word. Do I need to buy another program?
.